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That's because the politicians are bought and paid for by the .5%.
Actually, it's because many politicians have sold the public down the river. Instead of holding those politicians accountable, people tend to lash out at those who are able to influence the office holders.
Since way too many voters are cheerleaders for their political "team", they don't want to hold politicians accountable, because that would mean "betraying" the players on their team.
Mostly, people area just fed up with all of the tax breaks going to those who need it the LEAST
If they're supposedly getting so many tax breaks, why is the share of the federal income tax revenue they pay about twice that of their share of the income? Meanwhile, the middle class (top 25-50%) pays only half their share (compared to their share of the income).
If they're supposedly getting so many tax breaks, why is the share of the federal income tax revenue they pay about twice that of their share of the income? Meanwhile, the middle class (top 25-50%) pays only half their share (compared to their share of the income).
More spin, trying to elicit an emotional response. Is anyone other than me disturbed by the fact that 50% of the American population earned less than 37,000? And most of those filings will be for FAMILIES!
When the hell did 50k household income become rich?
I'm going to compare that adjusted for inflation with the equivalent buying power in the 50's and see how the percentages line up.
More spin, trying to elicit an emotional response. Is anyone other than me disturbed by the fact that 50% of the American population earned less than 37,000? And most of those filings will be for FAMILIES!
When the hell did 50k household income become rich?
I'm going to compare that adjusted for inflation with the equivalent buying power in the 50's and see how the percentages line up.
He forgets the payroll tax quite conveniently. The top doesn't pay that one.
When the hell did 50k household income become rich?
$50k is middle class. And the middle class is only paying 1/2 their share of the federal income tax revenue (based on their share of the income), while the top 1% is paying twice as much as they should. So how is paying twice what one should (again, based on income share), a tax break?
He forgets the payroll tax quite conveniently. The top doesn't pay that one.
Indeed, they do. Two liberal think tanks have calculated the average total effective federal tax rates for each income group. Here are the effective federal tax rates they pay:
" *Individual income tax rates for the lowest and second lowest quintiles are negative and are netted against the payroll tax rate. A quintile is one fifth of the population. Calculations assume that employees also pay the employer portion of payroll taxes in the form of reduced wages. The breaks are (in 2013 dollars): 20% $24,191; 40% $47,261; 60% $79,521; 80% $134,266; 90% $180,482; 95% $261,471; 99% $615,048; 99.9% $3,170,865."
Middle class made bad life choices and rather than admit they are dumb or lazy or both they project their problems on to the 1%
Lets start out by stating a very simple truth, there wouldn't be rich people without government.
A second truth, is that corporations and the financial industry are also a product of government. Corporations are a legal entity, protected by government, and granted a number of privileges. And the financial industry is a combination of these same corporate protections, mixed with the privileges granted by central banks.
Those who have become wealthy are not people who on their own are necessarily any more virtuous or hard-working than anyone else. They are just the people who have best learned how to take advantage of an economic system created and perpetuated through government force.
There is this notion that members of the 1% are just more hardworking than the average American. But is this actually true?
Lets imagine a world populated only of the 1%. How much work would even be getting done? What kind of material standard of living would such a world have? Aren't the 1% at best only the managers of other people's labor, and at worst, usurers who have learned how to game the system to their advantage?
Isn't the goal of all financiers, and for that matter investors, and even individuals with their savings, to "live off the interest" of their money. Effectively, to live perpetually off the labor of others.
The only class of people who could manage just as well or better on their own, would be what I would call "the working classes". Coincidentally, this is also the group of people who are most generous with their money.
The rich tend to be liars and cheats, who lack empathy for other people's problems, and have an unhealthy obsession with money and power. They tend to behave unethically/immorally, and even worse, they are the most influential people in the culture of this country. They are even held up as an example of what we should all emulate.
Indeed, they do. Two liberal think tanks have calculated the average total effective federal tax rates for each income group. Here are the effective federal tax rates they pay:
" *Individual income tax rates for the lowest and second lowest quintiles are negative and are netted against the payroll tax rate. A quintile is one fifth of the population. Calculations assume that employees also pay the employer portion of payroll taxes in the form of reduced wages. The breaks are (in 2013 dollars): 20% $24,191; 40% $47,261; 60% $79,521; 80% $134,266; 90% $180,482; 95% $261,471; 99% $615,048; 99.9% $3,170,865."
Sigh. Tell you what, the rich could pay ALL of the taxes, and as long as they get massive returns they wont care. They've seen their income literally double recently.....
Tell you what, double my income, and double my taxes and I'd still be happy. Doubling my income while people treat the idea of me paying more as affront to humanity and I'd be laughing my tush off.
$50k is middle class. And the middle class is only paying 1/2 their share of the federal income tax revenue (based on their share of the income), while the top 1% is paying twice as much as they should. So how is paying twice what one should (again, based on income share), a tax break?
Let me start out by stating, I really hate people complaining about tax rates in a way that basically paints a picture that the spectrum of incomes are the natural outcome of market economics.
In reality, all incomes are manipulated either up or down as a result of government intervention.
Furthermore, governments regularly make many businesses artificially profitable for the sake of international competitiveness(IE subsidies/protections), or even as a result of things like "licensing" and other regulations which reduce competition.
Look at it like this, if it wasn't for licensing, Doctors wouldn't be paid nearly as well as they are now. The same goes for electricians and plumbers. For that matter, the insurance industry would be a tiny shell of its current self without government insurance mandates. Anything considered a utility is a "government-regulated monopoly for private profit".
My friend used to say "No one actually knows how much a loaf of bread costs. All the ingredients that go into a loaf of bread are subsidized and/or regulated by the government".
With that said, I am a massive fan of the free market. In fact, you could just as well call me an anarcho-capitalist(IE Murray Rothbard).
But since the vast majority of the wealth created every year in this country is the result of government involvement in the market. And since this is especially true the higher someone's income. It simply isn't very useful to talk about what the appropriate tax rates are for different income brackets. I mean, it is impossible to know what a fair tax system is, in an economy which is completely manipulated from top to bottom.
Last edited by Redshadowz; 02-03-2015 at 08:05 PM..
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